Banks urged to provide services to those that are excluded

A group consisting of charities and local groups is urging banks to extend their services to those that are currently excluded from a wide range of banking services, such as current accounts, basic bank accounts, credit cards, loans, and overdrafts.

It is thought that millions of people are being left out when it comes to accessing even the most basic banking services, and this is causing problems for many consumers according to the group.

The Better Banking campaign claims that around seven million people could be excluded from vital banking services, and it wants the banking industry to look into extending its services to those affected.

Many of those that are unable to access facilities and services from traditional banks are turning to alternatives such as payday loans, doorstep lenders, and even loan sharks, which is causing them huge problems and plunging them into debt that they cannot afford to repay because of the interest rates charged.

One campaign officials said that the situation was very poor particularly given that some of the banks that were excluding consumers from receiving services had been bailed out with the use of taxpayer’s money.

Treasury figures have suggested that one and three quarter million people could be without access to even basic bank accounts, and this is something that needs to be changed sooner rather than later according to the group.

An official from the campaign stated: “Most people believe access to bank accounts and affordable credit are basic rights, so we want to see this as a priority for all the political parties.” A survey also revealed that 70 percent of people believe that having access to banking services should be a basic right for consumers.

Tags: Payday loan, bank accounts, quarter, priority, interest rates, Credit card, overdraft